In recent updates on the ongoing Ripple vs SEC case, it has been revealed that the SEC is considering an appeal to challenge Judge Torres’ decision on XRP. Pro-XRP lawyer John Deaton, along with other legal experts, have been assessing the prospects of the SEC succeeding in the appeal related to XRP programmatic sales.
The speculation surrounding a potential appeal by the SEC has been gaining traction lately. A former SEC lawyer mentioned to journalist Eleanor Terrett that the agency is likely to contest Judge Analisa Torres’ ruling from July 2023 in the Ripple vs SEC lawsuit.
John Deaton, representing 75K XRP holders pro bono, highlighted criticisms aimed at the SEC for not adhering closely to the law. Despite this, he noted that under Gary Gensler’s leadership, the agency might still pursue an appeal, a move he believes would be a waste of taxpayer funds.
Deaton emphasized that even if the Second Circuit Court finds fault with Judge Torres’ application of the third prong, the case would be remanded back to her, leading to another likely loss for the SEC as the district court may determine that there was no ‘common enterprise’ established.
Another legal expert, Fred Rispoli, echoed Deaton’s sentiments regarding the difficulty in overturning the Torres ruling by the SEC. He pointed out that the outcome of the Ripple case is heavily dependent on the three justices randomly assigned to it.
Furthermore, Rispoli, along with Bill Morgan and Jeremy Hogan, suggested the possibility of a last-minute appeal filing by the SEC. They believe that if the SEC refrains from appealing, it would be a significant victory for Ripple, the XRP community, and other litigants challenging the SEC in the 2nd Circuit court, potentially arguing against all secondary sales being classified as investment contracts.
Market reaction to these legal developments has been positive for XRP, with the price seeing a 2% increase in the past 24 hours, currently trading at $0.602. The trading volume has also surged by 21%, indicating growing interest among traders. Predictions suggest that XRP’s price could reach $2 based on the analysis.
The original article can be accessed – [Ripple Vs SEC Case: US SEC’s Only Chance of Winning Appeal In XRP Lawsuit](https://coingape.com/ripple-vs-sec-case-us-secs-only-chance-of-winning-appeal-in-xrp-lawsuit) on [CoinGape](https://coingape.com/).